OPEC

Source: Reuters

OPEC misses crude output targets, straining global oil supply

World Oil


(Bloomberg) –OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic.

OPEC+ cut its production 15% deeper than planned in …

Source: World Oil

OPEC credits its oversight with preventing oil price chaos

World Oil


While crude has jumped to a three-year high …

Source: Reuters

OPEC trims 2021 demand forecast but says gas price surge could help

Reuters


LONDON -OPEC has trimmed its world oil demand growth forecast for 2021 while maintaining its 2022 view, its monthly report showed on Wednesday, but it said surging natural gas prices could boost demand for oil products as end users …

Source: Reuters

Crude jumps to multi-year highs on global energy crunch

Reuters


LONDON  – Oil prices rose by about 2% on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers.

Brent crude was up $1.45, or 1.8%, at …

U.S. shale drillers show restraint as oil prices rally, adding to OPEC leverage

U.S. shale drillers show restraint as oil prices rally, adding to OPEC leverage

World Oil


HOUSTON (Bloomberg) – U.S. shale oil production will expand at a “modest rate” over the next 18 months even as prices touch multiyear highs, according to BloombergNEF, leaving OPEC in a powerful position as the world cries out …

Source: Reuters

Saudis cut oil prices after OPEC+ restraint fuels rally

World Oil


(Bloomberg) –Saudi Arabia reduced oil prices for its main buyers, a day after OPEC+ sent crude futures surging by sticking to a plan for slow and steady supply increases.

State firm Saudi Aramco’s cuts for customers in Asia, …

Source: World Oil

Oil prices reach seven-year high as OPEC keeps crude supply tight

World Oil


SINGAPORE (Bloomberg) –Oil rose to a new seven-year high after OPEC+ chose to keep supplies fairly tight even as the world grapples with an energy crunch.

Futures climbed above $78 a barrel in New York after surging 2.3% …

Source: CNBC

Oil analysts predict a prolonged rally as OPEC resists calls to ramp up supply

CNBC


LONDON — Oil prices climbed to multi-year highs shortly after a group of some of the world’s most powerful oil producers opted against a big supply boost.

Now energy analysts believe crude prices could be poised to rally toward …

Source: CNBC

OPEC+ sticks to plan for gradual oil output hike, price roars higher

CNBC


OPEC+ agreed on Monday to stick to an existing pact to hike oil output by 400,000 barrels per day (bpd) in November, despite consumer calls for more crude and surging prices that threaten an economic recovery from the pandemic.…

Source: Reuters

Oil rises above $78 as OPEC+ meeting looms

Reuters


LONDON – Oil rose above $78 a barrel on Friday, within sight of this week’s three-year high, supported by tight supplies due to OPEC+ supply curbs, recovering demand and a weaker U.S. dollar.

The Organization of the Petroleum Exporting …

Source: World Oil

OPEC and major oil companies each see a different path to energy transition

World Oil


WASHINGTON (Bloomberg) – Two of Big Oil’s biggest players dropped their long-term energy outlooks this week: French energy company TotalEnergies and the Organization of the Petroleum Exporting Countries. They offer quite different visions of the world 25 years …

Source: Reuters

OPEC+ seen sticking to November output plans, despite $80 oil, sources say

Reuters


LONDON/MOSCOW (Reuters) – OPEC+ is likely to stick to an existing deal to add 400,000 barrels per day (bpd) to its output for November when it meets next week, sources said, despite oil hitting a three-year high above $80 …

Source: Reuters

Oil prices firm on OPEC’s go-it-slow approach to adding supply

Reuters


NEW YORK/LONDON -Oil prices rebounded from losses on Wednesday after U.S. crude inventories rose by more than anticipated, and as OPEC plans to maintain its deliberate approach to adding supply to the market despite strong worldwide demand.

U.S. crude …

Source: Reuters

OPEC warns natural gas crisis may create oil market turbulence

World Oil


(Bloomberg) –As the global natural gas crunch hits suppliers and consumers alike, OPEC nations are warning of the knock-on impact for oil markets.

Iraq expects higher demand for crude as the shortfall of gas forces consumers to look …

Source: Reuters

OPEC+ seen sticking to policy despite higher oil demand

Reuters


LONDON/DUBAI – OPEC and its allies will likely stick to their existing policy of gradual oil output increases, four sources said on Wednesday, even though the group revised up its 2022 demand outlook and still faces U.S. pressure to …

Source: Reuters

Oil prices near biggest monthly loss since October before OPEC meets

World Oil


SINGAPORE (Bloomberg) –Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida.

West Texas Intermediate fell 0.8% in

Source: Reuters

OPEC projects oil shortages in 2021, surplus in 2022 as output rises

World Oil


LONDON (Bloomberg) –OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022.

 

The data, to be presented to the group’s …

Source: Reuters

OPEC stays the course on output hikes as oil prices rebound

World Oil


LONDON (Bloomberg) –OPEC and its allies are expected to press on with their planned revival of oil production when they meet next week, as prices bounce back from their August stumble.

The coalition led by Saudi Arabia and

Source: Reuters

OPEC+ supply boost unlikely despite call from U.S. for more oil, says Goldman

Nasdaq


U.S. investment bank Goldman Sachs said a recent call by the United States to OPEC+ to boost oil output is unlikely to result in higher production over the short-term given the threat to demand from the coronavirus Delta variant.…

August 13, 2021 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC sticks to oil demand view despite virus, sees more U.S. shale coming

Reuters


LONDON -OPEC on Thursday stuck to its prediction of a strong recovery in world oil demand in 2021 and further growth next year, despite concerns about the spread of the Delta coronavirus variant that has weighed on prices.

The …

Source: Reuters

ANALYSIS-Peak OPEC? Climate-focused production shift to pile pressure on pact

Nasdaq


LONDON – Moves to mitigate climate change are drawing peak oil demand closer, current and former OPEC officials told Reuters, potentially giving OPEC’s biggest players and their allies more power and leaving some smaller producers struggling.

Members of the …

Source: Reuters

U.S. calls on OPEC and its allies to pump more oil

Reuters


U.S. President Joe Biden’s top aides are pressuring OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to global economic recovery.

Biden’s national security adviser Jake Sullivan criticized the …

Source: CNBC

The Saudi Arabia-UAE rift that froze OPEC is a sign of things to come, experts say

CNBC


DUBAI, United Arab Emirates — The unexpected rift between Saudi Arabia and the United Arab Emirates within OPEC in early July came as a shock to many in the Gulf region and those watching from abroad.

The dispute over

Source: Reuters

Goldman Sachs sees ‘upside’ to oil price forecasts from OPEC+ supply deal

Nasdaq


U.S. investment bank Goldman Sachs said the OPEC+ deal to boost oil supply supports its view on oil prices and expects modest “upside” to its summer forecast for Brent to reach $80 a barrel.

OPEC+, comprising the Organization of

Source: Reuters

U.S. oil drops 6% to below $70 as OPEC prepares to boost production, Covid concerns weigh

CNBC


West Texas Intermediate crude futures fell below the key $70 level Monday for the first time in more than a month as OPEC and its allies agreed to raise output, and as the delta Covid variant threatens global demand.…

Source: Reuters

Oil track for big weekly drop as supply concerns mount

Nasdaq


TOKYO/SINGAPORE – Oil prices changed little on Friday, heading for their biggest weekly drop since March after supply concerns spooked investors, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from …

Source: Reuters

Oil prices extend losses on expected supply increase

Reuters


LONDON -Oil prices fell on Thursday, extending losses as investors braced for increased supplies after a compromise deal between leading OPEC producers and as U.S. fuel stocks rose, raising concerns over demand in the world’s largest consumer.

Brent crude …

Source: CNBC

OPEC reportedly reaches compromise on oil production after dispute with UAE

CNBC


DUBAI, United Arab Emirates — The Organization of Petroleum Exporting Countries on Wednesday arrived at a deal after a nearly two-week standoff over its future oil production levels, according to reports by the Wall Street Journal and Reuters.…

Source: Reuters

OPEC+ impasse means tight oil market now, volatility ahead, says IEA

Reuters


LONDON – The oil market will see tighter supply for now amid a dispute inside OPEC+ about how to ease production curbs but it still faces the risk of a dash for market share if disagreement persists, the International …

Source: Reuters

OPEC+ yet to make progress in resolving impasse, sources say

Reuters


MOSCOW/LONDON – OPEC+ is yet to make progress closing divisions between Saudi Arabia and the United Arab Emirates that last week prevented a deal to raise oil output, making another policy meeting this week less likely, OPEC+ sources said.…

July 12, 2021 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC